Litecoin has just flashed a buy signal on weekly timeframes, that could send the crypto market into an astronomical altseason. Here are the few factors paving the way for the next major altcoin boom.
Litecoin Set to Boom Against BTC, Sparking Crypto Bull Run
Litecoin is the silver to Bitcoin as digital gold, and while both Bitcoin and the precious metal have been stealing the limelight for months now as store of values, Litecoin and silver could soon sparkle once again.
Litecoin, which often leads the crypto market in breaking out into powerful rallies, has just triggered a buy signal on the TD Sequential indicator on weekly timeframes on LTC/BTC price charts.
This signal has proven incredibly accurate in the past for other cryptocurrencies, recently calling for the top in Bitcoin, and the bottom in XRP, which surged just today.
Litecoin could be the next to explode against Bitcoin, and it could bring with it an enormous altcoin season.
TD Sequential, BTC Dominance, More, All Point to Altcoin Season
The higher the timeframe the signal, the more likely it is to show results. A buy signal on weekly timeframes is significant. The last two times these weekly TD 9 buy signals appeared on LTC/BTC charts, was in December 2019, and before it in December 2018.
Both of those months acted as short term bottoms that took crypto assets out of the depths and to new highs.
These bursts in performance by Litecoin against Bitcoin, also kickstarted an alt season each time.
Altcoin seasons are extended periods of time when the alternative crypto assets greatly outperform Bitcoin. Oftentimes, this happens when Bitcoin is stagnant, and trading sideways, much like what is currently taking place.
Further adding credence to the theory that an alt season may soon be upon the crypto market, is the fact that BTC dominance has broken down from a long-term trendline, then reconfirmed it as support turned resistance, and began falling once again.
BTC dominance could trend lower towards the percentages seen at the peak of the crypto hype bubble, which would suggest that altcoins are soon going to soar compared to Bitcoin, and recoup the losses investors have suffered through over the last two years of a bear market.
Altcoins have long underperformed against Bitcoin, except for Chainlink, Tezos, and a handful of others. And even though Bitcoin’s halving is ahead, it could be altcoins time to shine.
However, any altcoin investors must be careful, because if Bitcoin suddenly explodes in one direction or another, volatility could crush altcoins and put a preemptive end to any altcoin rallies.